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Bitcoin Likely to Potentially Advance to $100,000 This Year, Mike McGlone Says, Here’s Why

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Thu, 09/16/2021 - 12:50
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Yuri Molchan
Bloomberg's leading strategist believes that Bitcoin may potentially reach $100,000 this year, offers his reasons
Bitcoin Likely to Potentially Advance to $100,000 This Year, Mike McGlone Says, Here’s Why
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Chief commodity strategist of Bloomberg, Mike McGlone, has taken to Twitter to share a chart which, in his view, shows why Bitcoin may well reach the $100,000 level this year.

"Bitcoin potentially to hit $100,000"

In his tweet, McGlone stated that Bitcoin is likely to make a "significant advance in 2021," potentially reaching the $100,000 price mark.

He believes that, if this rally does happen, it will be fueled by past Bitcoin trading trends, its declining supply and mainstream adoption. In a previous tweet this year, Bloomberg's commodity strategist also mentioned that U.S. regulation is unlikely to disrupt Bitcoin's advance.

Earlier, McGlone mentioned multiple times the importance of the deflation programmed into Bitcoin, which is a beneficial factor against the constant tapering conducted by the U.S. government and other countries: the U.K., European Union, etc.

Related
$1,007,811,970 in Ether Shifted by Whales and Major Crypto Exchanges

178,000 BTC moved from crypto exchanges

According to data shared by the Arcane Research platform, the amount of Bitcoin held in reserves on crypto exchanges has plunged dramatically.

At the moment, the recent tweet says, Bitcoin exchange supplies have fallen to levels last seen back in August 2018—during the first year of the crypto winter. The tweet also has it that users have been withdrawing actively for the past two months.

Since July 27, a whopping 178,000 Bitcoins have been shifted from crypto trading venues. That is the equivalent of $8.565.627 at the current exchange rate.

Arcane's tweet says that it has also used Glassnode data in its research.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.